Gabelli Asset Management
reported second quarter earnings of $0.46 per diluted share, less than the $0.53 predicted by analysts.
Total assets under management were $28.2 billion, unchanged from the first quarter. Total mutual fund assets were $13.2 billion, a drop of 2.8 percent from $13.6 billion at the end of March.
| Falling Down |
| Mutual Fund Assets || 6/30/2004 || 3/31/2004 || % Change |
| Open end || 7,852 || 8,106 || -3.1% |
| Closed end || 3,764 || 3,739 || 0.7% |
| Fixed income || 1,563 || 1,717 || -9.0% |
| Total || 13,179 || 13,562 || -2.8% |
|Source: Gabelli earnings release |
In other news in the second quarter, Gabelli began offering shares of a new Global Utility & Income Trust fund in late May. The closed-end fund began trading on the American Stock Exchange on May 26th; gross proceeds from the offering were $58 million.
The company announced in mid-July that Bill Gates' personal investment firm had an August 5th-expiring put option worth five percent of Gabelli. Michael Anastasio, Gabelli's chief accounting officer, confirmed that Gabelli is still continuing negotiations to extend the notice period.
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